FRANKFURT, Oct 26 (Reuters) - Buyout group EQT
has kicked off the sale of facilities manager Apleona,
previously part of industrial services group Bilfinger
, for up to 2 billion euros ($2.4 billion), people
close to the matter said.
EQT, which is working with Deutsche Bank on the
sale, last week sent out first information packages to
prospective buyers such as CBRE, Cushman & Wakefield
and Jones Lang Lasalle (JLL), as well as private
equity groups, they said.
A stock market listing in summer 2021, organised by Deutsche
Bank and UBS, is also being considered, one of the people said.
EQT, Deutsche Bank and UBS declined to comment.
EQT bought the company at a valuation of 1.4 billion euros
in 2016 and last year started preparations for the sale, but
then delayed it due to the COVID-19 pandemic.
Apleona employs roughly 20,000 staff in 30 countries and has
annual sales of 2 billion euros. It counts BMW, Volkswagen,
Daimler, BASF, Adidas, Siemens and Lufthansa among its clients.
Apleona has earnings before interest, tax, depreciation and
amortisation of 135 million euros. It could be valued at about
16 times that, one of the sources said, while another said
buyers were likely to offer a significantly lower enterprise
value (equity plus debt).
Some investors may be wary of the potential long-term impact
of the health crisis on Apleona's business, as companies may use
less office space if they continue to allow many employees to
work from home after the pandemic.
($1 = 0.8462 euros)
(Editing by Mark Potter)